NORTHBOROUGH, MASS. — CBRE has brokered the $9.5M sale of 5 Beeman Road, a 55,515-square-foot industrial building in Northborough, located approximately 35 miles west of Boston. Completed in 2003 and expanded in 2011, the warehouse features 56-foot clear heights, and proximity to State Route 20, Interstate 495 and State Route 9. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, Ferris Development Group, in the transaction. The team also procured the buyer, Northbridge Partners.
NEW YORK CITY — JLL has secured an $87 million construction loan for the ground-up development of Terminal Logistics Center, a 300,000-square-foot industrial project in Queens. CIT Group Inc. provided the loan to the borrower, a partnership of Triangle Equities Development Co., Township Capital Inc. and L&B Realty Advisors LLP, which will develop the Class A warehouse and storage facility adjacent to John F. Kennedy International Airport. Total cost for the project is approximately $129 million. Geoff Goldstein and Rob Hinckley led a JLL team that secured the loan.
EL CAJON, CALIF. — Boston-based Cabot Properties has purchased an industrial building, located at 2025 Gillespie Way in the San Diego suburb of El Cajon. A private local investor sold the property for $15.9 million. Built in 1999, the 150,159-square-foot warehouse and distribution facility features 27-foor clear heights, abundant car and trailer parking, three grade-level doors and 15 dock-high doors, which can be expanded to 26 doors. At the time of sale, the property was on a ground lease with the County of San Diego and 73 percent leased to two tenants. The asset is part of the 65-acre, master-planned Gillespie Field Business Park, also known as Cuyamaca West. The park consists of 27 buildings totaling more than 735,000 square feet. Louay Alsadek, Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller in the deal. Sean Williams and Erik Parker, also of CBRE, handle leasing for the property.
Demand for Orange County industrial space remained healthy in 2019 as vacancy rates ended another year in record-low territory at 2.9 percent, fueled by a strong second-half net absorption. The movement in the second half of 2019 was largely a result of the Fed’s decision to keep interest rates low, which provided assurance for buyers that had been on the fence. The attractive interest rates have led to steady price increases, however, adaptation has been slow. The average time on the market has increased by roughly 30 to 60 days from 2018. Many buyers also struggled with post-close deferred maintenance. With the typical industrial building in Orange County being construction in 1985, buyers are often challenged with renovation costs adding to their bottom lines. Meanwhile, landlords in 2019 became more conservative in rent demands as average gains in asking full-service rents fell to 4.2 percent countywide, compared to 4.9 percent in 2018. Leasing activity remained steady with an average asking rate across Orange County of about $1 per square foot, triple net. A handful of notable new construction projects advanced in 2019. In the fourth quarter, 10 buildings totaling nearly 1.2 million square feet were completed in North Orange County, …
DUNCAN, S.C. — CRG, Clayco’s real estate division, has delivered and sold a 1.3 million-square-foot distribution center within The Cubes at Inland 85 in Duncan. Situated less than two miles from Inland Port Greer, the facility was originally designed as a 500,280-square-foot speculative building but was expanded to fit the needs of the new tenant, an undisclosed Fortune 500 company. An affiliate of Lexington Realty Trust acquired the asset for an undisclosed price. The building features a cross-dock configuration with 36-foot clear heights and an ESFR sprinkler system. Lamar Johnson Collaborative designed the property, and Clayco served as the general contractor. CRG is the main developer of The Cubes. This is the first building to be delivered within The Cubes.
FREDERICK, MD. — The Kroger Co. and Ocado, an online grocer based in England, will develop a 350,000-square-foot customer fulfillment center in Frederick. The new automated warehouse facility will service several nearby markets such as Baltimore, Philadelphia and Washington, D.C. When fully operational, the facility will house 400 employees and feature digital and robotic capabilities. The site is located at 7106 Geoffrey Way, 55 miles west of downtown Baltimore and 65 miles north of downtown D.C. The companies expect the facility to open 24 months after groundbreaking, a timeline for which was not disclosed.
ORLANDO, FLA. — Seefried Industrial Properties and MDH Partners LLC have purchased 20 acres in east Orlando to construct Narcoossee Logistics Center, a two-building industrial campus. The first building will span 160,000 square feet and the second will total 120,000 square feet. Both buildings will feature 32-foot clear heights, 130-foot concrete truck courts, an ESFR sprinkler system and a combined 71 dock high doors. The site is situated near State Road 528 and Narcoossee Road, about five miles east of Orlando International Airport. MacGregor Associates is the project architect, and Kimley Horn is the civil engineer. Lee Morris of Colliers International will lead leasing efforts for the project, which is slated for completion by the end of the year.
SPRING, TEXAS — Tampa-based SkyView Advisors has brokered the sale of Regal Self Storage, a 278-unit facility located in the northern Houston suburb of Spring. The property is situated on 1.8 acres and features 43,025 net rentable square feet. Zack Urow and Ryan Clark of SkyView Advisors represented the seller in the transaction. The buyer and other terms of sale were not disclosed.
HURST, TEXAS — Marcus & Millichap has negotiated the sale of a 36,008-square-foot industrial building leased to Delta Rigging & Tools in Hurst, a northeastern suburb of Fort Worth. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
CAROL STREAM, ILL. — ShipFusion Inc. has signed a 381,600-square-foot industrial lease at 365 E. North Ave. in Carol Stream, a suburb of Chicago. The warehouse will serve as the e-commerce fulfillment company’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services. Completed in 2017 on a speculative basis, the Class A facility features 40,000 square feet of temperature-controlled space, 8,500 square feet of office space as well as a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease transaction. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.